Total retail sales of commodities and services surged by 24.5 percentyear on year to 1,561 trillion VND (roughly 78 billion USD) in 2010, or1,100 trillion VND higher than the set target.
The tourism and trade sectors recorded the highest annual growth rates, at 28 percent and 25 percent, respectively.
The retail industry has annually contributed over 15 percent to thecountry’s gross domestic product (GDP) and created stable jobs for morethan 5.4 million workers, representing over 10 percent of the totalworkforce.
The Ministry of Industry and Trade (MoIT)attributed these positive results to the government’s demand stimuluspolicy as well as businesses’ success in taking full advantage ofprices.
This move has been manifested by consecutivelarge promotions offered by both producers and distributors. During theyear-end and Noel promotional campaigns alone, the purchasing power at anumber of supermarkets in the two biggest cities of Hanoi and Ho ChiMinh City soared by approximately 30 percent compared with the sameperiod of 2009.
MoIT said the domestic market isbecoming a “fulcrum” to foster business and production, and recovergrowth, thus contributing greatly to the national economy’s sustainabledevelopment economy. Despite its small scale, Vietnam ’s retailmarket remained very attractive to investors, especially those fromoutside.
A survey conducted in the fourth quarter of2010 by the audit firm Grant Thornton Vietnam shows that the Vietnameseretail market has lured more foreign investors, as 70 percent ofcorrespondents considered retail as a more fascinating and promisinginvestment field than others such as education, real estate andhealthcare.
Another survey recently released by themarket research company Nielsen indicates more than 80 percent ofproducers are optimistic that their business would post two-digit growthrates within the next 6-12 months. In particular, up to 80 percent ofthem are planning to expand outlets to rural areas.
With these positive signals, Vietnam ’s retail market is likely toretain an average annual growth rate of between 20-25 percent in theyears to come. The country’s retail sales are forecast to reach 85billion USD by 2012./.
The tourism and trade sectors recorded the highest annual growth rates, at 28 percent and 25 percent, respectively.
The retail industry has annually contributed over 15 percent to thecountry’s gross domestic product (GDP) and created stable jobs for morethan 5.4 million workers, representing over 10 percent of the totalworkforce.
The Ministry of Industry and Trade (MoIT)attributed these positive results to the government’s demand stimuluspolicy as well as businesses’ success in taking full advantage ofprices.
This move has been manifested by consecutivelarge promotions offered by both producers and distributors. During theyear-end and Noel promotional campaigns alone, the purchasing power at anumber of supermarkets in the two biggest cities of Hanoi and Ho ChiMinh City soared by approximately 30 percent compared with the sameperiod of 2009.
MoIT said the domestic market isbecoming a “fulcrum” to foster business and production, and recovergrowth, thus contributing greatly to the national economy’s sustainabledevelopment economy. Despite its small scale, Vietnam ’s retailmarket remained very attractive to investors, especially those fromoutside.
A survey conducted in the fourth quarter of2010 by the audit firm Grant Thornton Vietnam shows that the Vietnameseretail market has lured more foreign investors, as 70 percent ofcorrespondents considered retail as a more fascinating and promisinginvestment field than others such as education, real estate andhealthcare.
Another survey recently released by themarket research company Nielsen indicates more than 80 percent ofproducers are optimistic that their business would post two-digit growthrates within the next 6-12 months. In particular, up to 80 percent ofthem are planning to expand outlets to rural areas.
With these positive signals, Vietnam ’s retail market is likely toretain an average annual growth rate of between 20-25 percent in theyears to come. The country’s retail sales are forecast to reach 85billion USD by 2012./.
